CNOOC Starts Up Another Oil Project in South China Sea
“CNOOC plans to commission as many as 15 development wells at Wenchang 16-2. The project will be gradually ramping up production, which is expected to reach a plateau of around 11,200 barrels of oil equivalent per day (boepd) in 2027.”
“In recent months, CNOOC has started up several oilfields offshore China, including output of heavy crude from the largest shallow lithological oilfield. The Kenli 10-2 Oilfields Development Project – launched in July – will see 79 development wells commissioned, including 33 cold recovery wells, 24 thermal recovery wells, 21 water injection wells, and 1 water source well.”
“Despite the new projects, CNOOC saw its first-half profit decline by 13% from a year earlier as record-high domestic and overseas oil and gas production couldn’t offset the decline in oil prices amid volatile and challenging markets.”